Crypto Pig Farming Scam Loses $3.6 Billion By 2024, Report Says

Crypto scams around pork farming will cost crypto users more than $3.6 billion by 2024.
This is a 40 percent increase over the previous year.

According to a report by Syvers, pork scams against crypto users will peak in 2024. The Web3 Security company claims that fraud schemes have cost users of the Ethereum blockchain $3.6 billion.

As of 2011 ReportCyber ​​fraud is up 40 percent compared to last year. There were 165 incidents with a total loss of $2.3 billion.

🚨 By 2024, pork fraud will steal 3.6 billion dollars

🐷This year saw the crypto world rocked by the pork scam, which defrauded unsuspecting users out of a jaw-dropping $3.6 billion – most of it on Ethereum. Read more on @nairametrics:

These scams…

— 🚨 CyversAlerts 🚨 (@CyversAlerts) December 27, 2024

The fraudsters worked on the Ethereum blockchain.

According to Syvers, a database of 150,000 addresses and 800,000 cases of fraud has been registered. Blockchain's main drawback was its ease of access.

Scammers paid their victims a total of more than 100,000 in small bits. Access control breaches resulted in 67 incidents valued at $1.9 billion. Fraudsters exploited the smart contract vulnerability in 98 instances worth $456.8 million.

Crypto users' losses to fraudsters will increase in 2024. Fraudsters defrauded WazirX of $235 million while DMM exchange lost $305 million. Cyber ​​attackers accessed the DMM exchange and compromised the private key in the platform's Bitcoin hot wallet.

BingX lost $52 million to fraudsters when fraudsters accessed the exchange's hot wallet and transferred the funds to various addresses.

Despite the security crisis, recovery efforts have been made to ensure that victims get their money back. It's back to $1.3 billion in 2024 and is back on hold.

In the year While 53 cases were reported in Q1 2024, Q3 recorded a loss of around $760 million, the highest loss in 2024.